West lost $60 bn in 2014-2015 over Russia sanctionsJuly 6, 2016 - 15:29 AMT PanARMENIAN.Net - The European Union, the United States and several other countries lost over $60 billion between early 2014 and mid-2015 in export losses as a result of sanctions against Russia, the French CEPII research institute said, according to Sputnik. The share of losses not attributable to Russia's retaliatory import restrictions amounted to 82.2 percent. The European Union bore the brunt of the losses, accounting for nearly 77 percent of all trade losses, the institute said. "Interestingly, we find that the bulk of the impact stems from products that are not directly targeted by Russia’s retaliations," CEPII said in the Collateral Damage: The impact of the Russia sanctions on sanctioning countries’ exports report published on Tuesday, July 5. In 2014, relations between Russia and the West deteriorated amid the crisis in Ukraine. Brussels, Washington and their allies have introduced several rounds of anti-Russia sanctions, accusing Moscow of meddling in the Ukrainian conflict. The first two rounds of sanctions targeted individuals, while the third round of sanctions imposed a number of restrictions on economic cooperation between Russian and Western companies, chiefly in the financial and energy sectors. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | U.S. believes peace is “possible” in South Caucasus The United States continues to believe that peace is possible in the South Caucasus, Vedant Patel said. Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. |